Holdings (NASDAQ: MFH) CEO Shi “Victor” Qiu Reflects on a Turbulent Month for
Fintech.
Mercurity CEO Shi “Victor” Qiu reflected on recent events in
an unofficial statement surrounding the turbulent month of March for the
fintech sector:
“A few troubling news stories don’t define the value of an
entire sector of the market; let alone an ever-growing and expanding sector
which is the most vibrant and exciting we’ve seen in generations.A common fallacy of reasoning is to
generalize from specifics.The weak mind
reacts to every piece of news that occurs meaning opinions are constantly in
flux; while the wise mind remains calm and always maintains a proper
perspective.
During times of difficulty coupled with bad press, it may be
easy for people to hop on the bandwagon and say that crypto is dead, blockchain
is dead, fintech is dead, blockfi is dead, ‘Bitcoin will go to 0’, and so
on.However, this is incredibly short
sighted in my view.With almost ten
years’ experience in this sector, I am considered an O.G. by crypto standards
and I have seen many, many cycles, including a lot of challenges along the way
– from the rowdiest of bulls, to bears hibernating so long we thought they’d
never come out.However, the bulls
always tire out and the bears eventually wake up from their nap.
My experience has taught me that the long view is always the
proper view.The more our sector is in
the news, the better – whether the sentiment is positive or we’re being
attacked, doesn’t really matter.If
we’re being attacked, that means we’re a formidable opponent and therefore,
doing something right.If we’re being
praised it means we’re also doing something right, so both are ‘good’ from my
perspective.While it is true that the
overall story is compiled of each day’s headlines, it is important to always
remember that what is happening today may not be emblematic of the overall trend
and that no movement is without its challenges along the way.
The biggest lesson I’ve learned is to never bet against the
intelligence, ingenuity, and adaptability of the individuals in this
space.As history reflects on these
times, the names FTX, SVB and Signature Bank may not even make the footnotes
and I do expect a few more names to add to the turbulence in the short
term.However, this is the story of
triumph; the transformation of the most important global systems in human
history leading to empowered individuals and a better, more efficient network
for the world.Patience, foresight and
determination will be rewarded greatly, as they always are.”
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